Users getting "Cannot update associated Pricebook entries without the Manage Price Books permission." error while updating Product records.

Users encounter this issue when attempting to update the Active flag on a Product record. The problem occurs if the user does not have Edit access to the Pricebook object, while the following setting is enabled:

Setup > Product Settings > “When changing active flag on a product record, automatically update active flag on related prices.”

Resolution #1 : 
1. Navigate to Setup.
2. Look for "Product Settings" in the quick find box. 
3. Uncheck "When changing active flag on a product record, automatically update active flag on related prices". 
4. Click Save. 

Resolution #2 : Provide Edit access for the Pricebook Object to the User who is trying to update the Product active flag.